It has taken them several months, but it appears a deal has been struck for a coronavirus relief package. What will it mean to most folks? About $600. *note: new developments have put the bill in question, as the President has tweeted he wants the amount increased to $2,000. However, the bill was passed with a veto-proof majority, so there are lots of questions regarding what will occur next. Regardless, whether $600 or $2,000....it still remains a band-aid remedy to what is a much larger financial problem for families.*
While that's at least 'something', in all honesty it will do little to help the 53 million Americans who are 'below the poverty line'. That number was 33 million before the pandemic. (story here)
Take a moment to let that sink in...22 million more Americans have slipped below the poverty line since COVID arrived.
And those who fit into the lower and middle income categories have also been impacted by this crisis. Not only did a recent Gallup poll show that 72% of Americans say the pandemic has affected their life 'a fair amount, to a great deal'...46% are 'worried' they'll experience financial hardships as a result. (story here)
Let's face it, the majority of West Tennessee is comprised of poverty, lower, and middle income households.
The majority of West Tennessee businesses are service industry businesses (retail stores and restaurants). When those two categories overlap...and they certainly do...the financial hardships will become evident.
Most families have done a great job of holding on through the crisis. But emptying savings accounts, putting off paying bills, and paying others with credit cards...is living dangerously and just not sustainable.
Smart families are planning their next steps, including debt resolution or bankruptcy choices.
If you already feel your financial situation is out of control...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today!
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